Gold futures down on weak global cues

Gold prices moved down by 0.35 per cent to Rs 27,990 per 10 gram in futures trade today after participants offloaded partial positions, taking weak cues from global market.
At the Multi Commodity Exchange, gold for delivery in August declined by Rs 97, or 0.35 per cent, to Rs 27,990 per 10 gram in business turnover of 176 lots.
Likewise, the metal for delivery in far-month October contracts shed Rs 88, or 0.31 per cent, to Rs 28,040 per 10 gram in four lots.
Market analysts said a weak trend in overseas markets as signs of easing geopolitical tensions in Ukraine reduced demand for safe haven mainly put pressure on precious metal at futures trade here.

Globally, gold traded 0.30 per cent lower at USD 1,308.20 an ounce in Singapore today.